This is a old news but I thought some fine points ought to be highlighted. Last year, AICTE decreed that any course of duration less than two years cannot be called MBA. Let alone MBA, the programmes do not even qualify as PG Diploma. All such courses will be called as certificate programmes. AICTE might de-recognize all such programmes which call themselves One year PG diploma in management. AICTE goes on to say that all institutes have to mention specialization, functional or sectrol, along with the final diploma or degree certificate. Here is full article that was published in times of india dated feburary 2, 2007

Management institutes offering fancy courses and one-year MBAs are now under
the scanner. The All-India Council for Technical Education (AICTE), which also regulates management education in the country, has asked all states to caution private B-schools against fooling students by calling their full-time regular management programme an MBA.
According to its revised regulations, every two-year full-time general management programme, which is not affiliated to any university, will have to be referred to as post-graduate diploma in management (PGDM). Along with it, B-schools have to mention the sector/branch in brackets.
For instance, programmes focusing on finance will be called PGDM (finance). AICTE will not approve PG management courses that are of less than 12-months duration. Any management programme with duration between one and two years will be treated as a certificate course.
This means that no private B-school can offer an MBA or a PGDM if the course is for more than one year and less than two years. “Candidates completing these certificate programmes will be awarded post-graduate certificate in management.

Wonder why and how IMT’s or IMI’s one year executive programme is still a PGDM and not a PGCM.
Not many of us care about AICTE recognition, but if you wish to go for further studies wherein a PG is compulsory, my advise would be to weigh your options before you join one of these One year executive programmes.

If such a programme is sector or function-specific, the parenthesis will denote the focus like in the case of PGDM,” AICTE adviser (management and technical bureau) K Madhu Murthy has said in a note to all states and AICTE regional offices. Further regulating executive management programmes, AICTE has said that such programmes will have to be for a minimum of 15 months.

This explains why all one year programmes are actually 15 month programmes.